President Xi Jinping Not Happy With Domestic Firms Investing In Tourism, Hospitality, Casino

The Chinese government has issued a statement expressing dissatisfaction with domestic companies that are busy putting all their money on foreign hospitality and tourism business.

 Chinese President Xi Jinping, who designed a foreign policy said that China casino industry should not be given priority over what he called ‘belt and road’, a policy in which focus should be directed to matters infrastructure.

According to the president, local firms have used their money in supports of projects that in the long run will jeopardize even dampen Chinese currency. He termed the move ‘irrational’ when he compared the effects of those overseas investments with his ideological ‘belt and road’ that emphasizes on the manufacturing of steel, mining exploration, research and development and oil to mention a few.


The president believes that by domestic firms concentrating on investments in casinos, various entertainments such as Hollywood, core military technology, sports clubs and hotels, they are forgetting important things that will help generations to come. When delivering the statement, the president said that it is time investors looked for ways to breach the infrastructural gap that exists between China and the East in general with southeastern and Central Europe.

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That way, according to Xi, China would spur economic growth in the region and beyond thus creating employment opportunities to many young people. In recent years, investors from China have been doing business partnerships with Western companies in the setting up of Hollywood studios; something Xi says is absolutely dangerous to the Chinese economy.


The Friday statement from the State Council read in part saying, “No one can deny the fact that profound changes are currently taking place both internationally and locally. When taking the opportunity to do partnerships, it is a good thing to see what. Although there are relatively good opportunities ahead for domestic firms, there is also need to be weary of potential dangers that are likely to erode your investments on overseas acquisitions.” See this website Play Slots 4 Real Money with their article about Global Sex and Chinese online gambling. Perhaps, it is for this same reason that the government in recent years has imposed strict measures on foreign companies that are investing a lot of money in placing advertisements in a bid to market their various gambling products to the people of China


Although it was fairly received by those who align themselves to the tourism and hospitality industry, the latest restriction on domestic firms taking part in overseas acquisitions has shocked many local firms who since have started to show signs of fear. Even as new restrictions continue flowing from the highest office of the land, new gaming facilities are being established in many parts of the world where there is need.


For instance, there are a number of new facilities in Laos, Saipan, the US Pacific territory, The Bahamas and Australia where several gaming projects are being established each day. Most of those gambling and tourism projects are either established or backed by private Chinese tycoons or companies. This is what seems to anger President Xi Jinping who is interested in other projects that sustain and boost Chinese currency.